Islamabad, Sep. 19 (ANI): Pakistan has signed an agreement with China to provide a 220-million-dollar financial grant to help the Islamic country launch a communication satellite.
The operational life of Pakistan's existing satellite PAKSAT-1 will be over in November 2011.
Chinese Ambassador to Pakistan Luo Zhaohui and Pakistan's Economic Affairs Secretary Farrukh Qayyum signed the contract.
"China has agreed to fund the project through a soft loan with low mark up for a period of 20 years," the Daily Times quoted Qayyum, as saying.
The Space and Upper Atmosphere Research Organisation (SUPARCO) and the China Great Wall Industry Corporation have agreed to develop the new satellite PAKSAT-1R, which would replace PAKSAT-1 in September 2011, he added.
The satellite will support all conventional and modern fixed satellite service (FSS) applications.
The satellite will have 30 transponders, 18 in the Ku-band and 12 in C-band (ANI)